Word: chrysler
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...Chrysler and GM will force 2,000 car dealerships to close. This event has elicited a great many opinions from industry experts. The consensus is that the most damage to the car companies will come from the anxiety facing potential customers who may buy automobiles at these dealers and expect to have them serviced there. The car buyers will not want to drive long distances in order to find a dealer who sells the brand that they want. They will buy a Toyota (TM) or some other brand because they know that continued service is virtually assured. They...
...industry will hit a post-bankruptcy tipping point around Labor Day. Chrysler will be several months into its Chapter 11, and, unless there is a miracle like one seen at Lourdes, GM will be in court within two or three weeks. It will appear to the public that the car industry is burning to the ground. Desperate dealers offering prices that defy logic will only heighten the sense that the American car business is just hanging on to the ledge...
...more orderly fashion. Customers might have been encouraged to stay if the manufacturers offered special financing on cars owned by shuttered dealers. It would have been a good way to pick up or save a new car buyer. It would have created some goodwill. GM and Chrysler could also have introduced customers to dealers that are staying open in their part of the country. They could have offered a year's free maintenance to build a bond between a dealer that is not just around the corner and a customer that could buy a car from a manufacturer with...
...fund retiree health-care benefits for GM's blue collar workforce. GM is said to be agreeing to deposit half the $20 billion it owes the VEBA and fund the other half with GM stock. The agreement appears to be very similar to the deal Chrysler LLC reached with the UAW. That deal put the UAW in control of the new Chrysler, with 55% of the stock. The union has also reportedly agreed to cut GM's labor costs, though neither the union nor GM would confirm the figures...
...biggest sticking point in any bid to avoid bankruptcy is the complexity of GM's debts. Chrysler's 40-odd creditors could fit into a large conference room. GM's creditors, however, could fill up most of the seats in the University of Michigan's football stadium. The bondholders include an estimated 127 major financial institutions, including banks, hedge funds and mutual funds, as well as 100,000 or so small holders that represent a cross section of American savers...